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Important IRS Update: Significant Interest Penalty Increase for Tax Underpayments
The Internal Revenue Service (IRS) has recently announced a critical change that could significantly impact taxpayers who underpay their taxes. This update is particularly relevant as we approach the next tax filing season. Previously, the IRS charged a 3% interest penalty on estimated tax underpayments. However, this rate has now been increased to a substantial
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Will Inflation Hurt Stock Returns? Not Necessarily
Investors may wonder whether stock returns will suffer if inflation keeps rising. Here’s some good news: Inflation isn’t necessarily bad news for stocks. A look at equity performance in the past three decades does not show any reliable connection between periods of high (or low) inflation and US stock returns. Since 1993, one-year returns on
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Maximize Your Charitable Impact with These Four Strategies
As the year draws to a close, it’s a perfect opportunity to rethink how you give to charity. This is important for managing how much tax you pay and how much help reaches those in need. Here are four effective strategies: Need Guidance? Reach Out to Us! These strategies are just a starting point. There
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What Are the Four Most Common Mistakes that Celebrities Make?
Each time a celebrity passes away, we typically get the opportunity to learn from his or her mistakes. Read on to learn more about the four most common mistakes made by celebrities. It’s currently being reported that pop star Prince may have died without a will and this is one of the biggest estate planning problems. 
No Will
Most individuals want to have some say over how their assets are distributed after they pass away. So, it can even be more shocking realize that as many as 2/3rds of the adults do not have a simple will. Singer Amy Winehouse passed away without a will and left behind a $6.7 million estate.
Failing To Update Their Estate Plans
Having a trust or a will is an important first step as long as it reflects your current wishes. Learn from the estate of Michael Crichton for whom the 2007 will was never updated.
When he passed away, his sixth wife was pregnant at the time but his will had language disinheriting future children.
Failing to Set Up a Trust
Without a private trust, the details of how you chose to pass things on can be visible to anyone. Whitney Houston’s estate was largely visible to the public as a result of this problem.
Forgetting to Plan
Some people are under the impression that estate planning is only for handling your affairs after you pass away. There are also plenty of estate planning documents like a power of attorney to help you in the event that you become incapacitate while you are still alive.